NJ Life Insurance Options | Bogle Agency NJ
Life insurance options can be very confusing. Not only are there several different types of life insurance to choose from, but coverage and coverage amounts of Life Insurance vary by individual. While you could choose to purchase life insurance online, it is very difficult to know what you are going to get out of your policy, and if it will meet the needs of your family. A trusted and knowledgeable Independent Life Insurance Agent at Bogle Agency Insurance can help you with all of the ins and out of life insurance coverage. Bogle Agency insurance is located in NJ and has served insurance clients for over 95 years. Bogle Agency Insurance offers comprehensive life insurance coverage with their agents being able to meet with you at our office, your home or place of business. Contact us for a no obligation review of your current life insurance program or to set up a life insurance program to fit your needs.
Why Buy Life Insurance in New Jersey?
Life insurance, just like all insurance, is about planning for the unexpected. Nobody plans on meeting an untimely end, but it unfortunately happens all too often. Many people worry about the untold future, but there are ways to prepare to make even the worst of circumstances that much easier. Life insurance is one of these things.
The main reason for purchasing life insurance is to financially protect your family and any other dependents after you pass away. If you are the sole earner of income, or a major provider of income for your family, life insurance is an important and sensible choice. Should you pass away unexpectedly, your life insurance policy will assist in paying your final expenses and possibly more depending on the NJ life insurance options you choose.
What Do NJ Life Insurance Options Cover?
The most basic of life insurance policies will provide a death benefit to your beneficiaries to cover loss of your income and your final expenses. There are many more flexible NJ life insurance options that cover more and can be used in several different ways.
For example certain life insurance can cover the following:
- Cost of living: Life insurance can cover expenses your family might face such as mortgage payments, college tuition and outstanding debts.
- Trusts and charities: Life insurance proceeds can be used to set up a trust to pass on to your heirs, or a chosen charity.
- Retirement and estate planning: You can structure a permanent life insurance policy to cover your costs of living during retirement or for estate planning, and can even cover the cost of your remaining life insurance premiums.
- Business continuation: Business owners can purchase life insurance that protects their business should they unexpectedly die. For example, a buy-sell agreement can be constructed which pays benefits to a surviving co-owner with enough money to purchase the policy holders share of the business.
When Is The Right Time To Buy Life Insurance?
There is no wrong time to buy life insurance. However, the younger you are, the better the rates. If you buy young, you will lock in a low rate due to the fact that life insurance prices are based on risk. Simply put, younger people have a lower risk of death. As you age, life insurance rates increase. It is also worth noting that, in many cases term policies can convert into permanent (whole life) policies later in life without the need for re-qualification. This means, should you develop a chronic health condition you already have your life insurance secured. You are insuring the ability to be insured. Should you wait until after you are diagnosed, the rates will be significantly higher.
The most common time in life for people to purchase life insurance is about the age of 30. This usually is due to settling down with a family and realizing you have people who depend on you. The rates for people in generally good health in their 30’s are very affordable. But always remember, it is never too late to offer your family financial protection. It will never be cheaper to purchase life insurance than it is today. It is important to lock in your best rate possible as soon as you can.
What NJ Life Insurance Options Should I Choose?
Choosing between whole life insurance and term life insurance should depend on the needs of your family along with your financial goals. Life insurance is flexible to your individual needs and can be a powerful tool in building financial assets and leaving a legacy.
The Difference Between Term Life insurance and Whole Life Insurance
- Term Life Insurance
- Provides only death benefits.
- Pays only if you die within the term limits of the policy.
- Most affordable life insurance policy option.
- Purchased for a specific time period, such as 5, 10, 15, or 30 years, known as a “term.”
- As you age, it becomes more expensive as you age. After 50 especially.
- You must renew the term to extend the policy.
- Can be used as temporary additional coverage with a permanent life insurance policy.
- Can be converted to whole life insurance.
- Whole life insurance:
- Covers you for the rest of your life.
- Provides death benefits as well as an additional cash value which builds during the life of the policy.
- In most cases you must qualify with a health exam.
- For a higher cost, you may be able to purchase without an exam.
- A decent cash value will take 12 to 15 years to build.
- Is a good choice for estate planning.
- The cash value is based on the worth of the return on investment.
- You may withdraw or borrow a portion of the cash value during the policy life.
- Higher premiums than term life insurance initially, but can be potentially money saving if in force for a considerable number of years.
- Combined Term and Whole Life Coverage
- With this type of policy, you create a whole life policy that would build lifelong value while supplementing specific periods of your life (during children’s education, time when your home has a mortgage, etc.) with the additional protection of a term policy. It’s the best of both worlds when it comes to life insurance coverage.
Why Use An Independent NJ Life Insurance Agent?
When it comes to making the tough decisions involved in choosing the correct NJ life insurance options that fit your needs, you will want to talk to a professional independent insurance agent to make sure you know all your options.
An independent agent at Bogle Agency Insurance specializing in NJ life insurance options can help you to learn about all the life insurance variations and answer all your questions. At Bogle Agency Insurance we are advocates for you, not for the life insurance carrier. We are dedicated to helping you make the best possible decision for your needs. Alongside Bogle Agency, you’ll be given the opportunity to review various life insurance options in order to make an informed choice.
We are here to help you evaluate your life insurance goals, answer your questions, and help you make a smart choice in Bergen County, NJ and the surrounding areas.. Simply request a quote to get started!